There is nothing wrong with you being in debt - at least if you have made the decision to get out of it. Although it may be embarrassing to admit, especially to your loved ones, you have to let them in on the secret. That is the only way you can get help to overcome your credit problems.
Almost all households in this country went through a form of credit crisis at one point. There are still a lot of people struggling to pay off credit obligations and there are those who are already enjoying financial freedom.
If you are still debt (you probably are if you landed on this article), then you need to get help fast. While there are consumers who are able to go through debt relief on their own, not everyone has the discipline and the willpower to see it through. This is the reason why most consumers opt to hire professionals to help out.
There are various ways to get debt relief and one of the most prominent is debt counseling. This is one type of credit counseling wherein you hire a debt expert that will help you understand your unique debt and financial situation.
Also known as debt management, debt counseling focuses on helping those with credit issues by assisting them in creating a payment plan. Not only that, they can also negotiate with your creditors so that your loan term can be spread out - thus making your monthly payments smaller. Most of them will also negotiate for a lower interest rate to further reduce your debts. They can even ask your creditors to waive off certain fees.
Finding this service is quite easy. The challenge is finding a legitimate company that will sincerely help you. Sometimes, knowing what the company can offer will tell you if they are legit or not. Debt counseling should not just offer debt relief. Of course, the main attraction is to help the consumer get out of debt but more than that, they should be able to teach their clients how to stay out of it. That means their service should include budget and financial planning on top of debt counseling.
Try to stay away from those who advertise that they can lower your interest rate or payments. While they will surely try, this is never a guarantee so they are in danger of making false promises - which is in violation of the TSR or Telemarketing Sales Rule.
Another way to spot the legit companies is by looking at their fees. Most debt counseling companies are non profit but a lot of them ask for minimal service fees in exchange for the service of helping you with your debt. This is regulated to be around $50 a month only. If the company you are currently talking to is expensive and also charges upfront fees, you need to walk away from them because the chances that they are a scam is very high.
It helps to begin your search with a reputable organization. You can look at the members of the NFCC or National Foundation for Credit Counseling. The AICCCA or Association of Independent Consumer Credit Counseling Agencies is also another portal to find legitimate companies offering debt counseling. Both of these organizations require specific standards for their members.
Always do a background check and read through reviews. Trust your instincts before putting your credit problems into the hands of another. There are a lot of debt relief companies and you should not worry that you will run out of them.
Almost all households in this country went through a form of credit crisis at one point. There are still a lot of people struggling to pay off credit obligations and there are those who are already enjoying financial freedom.
If you are still debt (you probably are if you landed on this article), then you need to get help fast. While there are consumers who are able to go through debt relief on their own, not everyone has the discipline and the willpower to see it through. This is the reason why most consumers opt to hire professionals to help out.
There are various ways to get debt relief and one of the most prominent is debt counseling. This is one type of credit counseling wherein you hire a debt expert that will help you understand your unique debt and financial situation.
Also known as debt management, debt counseling focuses on helping those with credit issues by assisting them in creating a payment plan. Not only that, they can also negotiate with your creditors so that your loan term can be spread out - thus making your monthly payments smaller. Most of them will also negotiate for a lower interest rate to further reduce your debts. They can even ask your creditors to waive off certain fees.
Finding this service is quite easy. The challenge is finding a legitimate company that will sincerely help you. Sometimes, knowing what the company can offer will tell you if they are legit or not. Debt counseling should not just offer debt relief. Of course, the main attraction is to help the consumer get out of debt but more than that, they should be able to teach their clients how to stay out of it. That means their service should include budget and financial planning on top of debt counseling.
Try to stay away from those who advertise that they can lower your interest rate or payments. While they will surely try, this is never a guarantee so they are in danger of making false promises - which is in violation of the TSR or Telemarketing Sales Rule.
Another way to spot the legit companies is by looking at their fees. Most debt counseling companies are non profit but a lot of them ask for minimal service fees in exchange for the service of helping you with your debt. This is regulated to be around $50 a month only. If the company you are currently talking to is expensive and also charges upfront fees, you need to walk away from them because the chances that they are a scam is very high.
It helps to begin your search with a reputable organization. You can look at the members of the NFCC or National Foundation for Credit Counseling. The AICCCA or Association of Independent Consumer Credit Counseling Agencies is also another portal to find legitimate companies offering debt counseling. Both of these organizations require specific standards for their members.
Always do a background check and read through reviews. Trust your instincts before putting your credit problems into the hands of another. There are a lot of debt relief companies and you should not worry that you will run out of them.
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